Denial of additional claim for non claim of the same by filing Revised Return not justified

Held :- That the issue is squarely covered in favor of the assessee by the decisions of  Hon’ble Jurisdictional High Court.That in the case of Sam Global Securities Ltd. (supra), the facts were that in the return of income, the assessee had not claimed exemption under Section 10(35) on the dividend income from the mutual funds and the loss on sale of units as business loss. During assessment proceedings, the assessee filed the revised computation of income claiming exemption as well as business loss. However, the Assessing Officer as well as CIT(A) rejected the assessee’s claim on the ground that the assessee had not claimed it by filing of revised return under Section 139(5) within the time limit.